By
Kseniia Klichova
April 19th, 2024
A representative of the company has reportedly already spoken with Roosevelt Skerrit, the prime minister of Dominica, as the two parties want to work together to improve the nation’s crypto infrastructure.
Chinese cryptocurrency exchange Huobi has reportedly announced plans to relocate its headquarters to one of the Caribbean nations.
Justin Sun, an advisory board member, and founder of blockchain network Tron took to Twitter to lay out the current plan of the crypto exchange, stating that one of the biggest goals would be to go all out in the Caribbean since it has a crypto-friendly community.
“One of our biggest goals is to go all in the Caribbean. It has a very crypto-friendly community, and Dominica🇩🇲 is one of the frontrunners. HuobiGlobal will move the HQ to the Caribbean, working closely with Dominica to develop crypto infrastructure. Dominica was the first choice but Panama and the Bahamas were also frontrunners,” he tweeted.
A Huobi representative has reportedly already spoken with Roosevelt Skerrit, the prime minister of Dominica, as the two parties want to work together to improve the nation’s crypto infrastructure.
Huobi currently has offices in Hong Kong, South Korea, Japan, and the United States in addition to its headquarters on the Seychelles islands in the Indian Ocean. FT reports that the company intends to move up to 200 of its current 1,600 employees to the new HQ.
The Caribbean has become a hot spot for the crypto industry in recent years, with several crypto companies migrating to the region as global regulators tighten the reins on the industry.
Earlier in October, the Commonwealth of Dominica entered into an agreement to utilize the TRON blockchain to power the Dominica coin (DMC). Dr. Roosevelt Skerrit, stated after the partnership that it was a “historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.”
Skerrit also legalized digital assets as a payment method in the country last month with Sun, lauding him as a very ‘tech-savvy person’ who understands how crypto and the technology work.
The Caribbean is now home to many crypto exchanges, including FTX, which moved from Hong Kong to the Bahamas in 2021. Among other companies to register in the local jurisdictions are the world’s largest crypto exchanges Binance, C-Trade, and PrimeBit.
Early efforts to implement cryptocurrency rules and support the business have worked in favor of Caribbean states as the influx of crypto exchanges will supply a major boost to the economies.